Libya turmoil propels oil futures above $100 a barrel

The Wall Street Journal

Wednesday

Feb 23, 2011 at 2:50 PMFeb 23, 2011 at 2:51 PM

NEW YORK -- Oil futures surged Wednesday, with the April contract on the New York Mercantile Exchange hitting $100 a barrel for the first time since 2008 and the European benchmark pushing past $110 a barrel, as continued upheaval in Libya fanned worries about global crude supplies.

Light, sweet crude for April delivery was recently at $99.88 a barrel on the New York Mercantile Exchange, the contract's highest price since October 2008.

The front-month contract got a $3.50-a-barrel boost overnight with the expiration of the cheaper March contract.

Brent crude on the ICE futures exchange climbed $4.34, or 4.1 percent, to $110.12 a barrel.

Violence continued to rage in Libya Wednesday, with reports of forces supporting Col. Moammar Gadhafi opening fire against demonstrators in Tripoli.

Several oil companies have suspended or shuttered their operations in the oil-rich North African country.

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